Aug 08, 2024 07:33 AM IST
Nirmala Sitharaman told Lok Sabha, “Without drastically increasing taxes, we have brought in a simplified taxation regime and eased compliance.”
Finance minister Nirmala Sitharaman said that the new amendments to Finance Bill 2024 will not impose any additional tax burden concerning the long-term capital gains (LTCG) tax on real estate sales. Replying to the House discussion on the Finance Bill in the Lok Sabha, the minister said: “Every time we present the Budget…I have gone around the country to various destinations, met tax professionals, industry, traders, and all stakeholders, (have) taken their view and brought in amendments, so that the Budget will be represented to the common people aspirations.”
This comes after the Centre brought a new amendment to the Bill which allows taxpayers to choose between a 12.5 per cent LTCG tax rate without indexation and a 20 per cent rate with indexation for property acquired before July 23, 2024.
On amendments introduced soon after the Budget presentation, she said, “We heard the people who wanted something to change, and we have the courage and conviction”.
In the Union Budget 2024-25, the original LTCG tax proposal that was announced removed the indexation benefit which raised concerns in the real estate sector.
Nirmala Sitharaman told Lok Sabha, “Without drastically increasing taxes, we have brought in a simplified taxation regime and eased compliance. The vision of Prime Minister (Narendra) Modi has been to establish a simple, efficient, and fair technology-driven taxation regime in this country.”
She added, “Simplification and ease of compliance for the taxpayer have been our primary objectives over the last 10 years, and this year, in PM Modi’s third term, the approach to taxation has been to simplify it, reduce the burden on taxpayers, and make sure it transparent and equitable.”